Damien o'connor, Minister for Land Information of New Zealand

Wellington, Oct 21 New Zealand and the UK have agreed in principle the details of a historic Free Trade Agreement (FTA), which will see a boost of almost NZ$1 billion ($720 million) to Wellington's GDP and unprecedented access for Kiwi exporters to the British market, Prime Minister Jacinda Ardern said on Thursday.The FTA will also see an elimination of all tariffs by the UK on New Zealand exports, with over 97 per cent being removed the day the deal comes into force, Xinhua news agency quoted the Prime Minister as saying.As a result, New Zealand exporters will save approximately NZ$37.8 million per year on tariff elimination alone, statistics show. Elimination of tariffs covers all honey, wine, kiwifruit, onions, a range of dairy and meat products, and most industrial products.The deal will also see significant increases for beef and sheep meat market access, Ardern said, adding Working Holiday arrangements for young people from both countries are to be improved and extended.New Zealand is the second country to secure a new FTA with the UK after Brexit, Ardern said, adding the FTA will further accelerate New Zealand's Covid-19 economic recovery and substantially cuts costs for exporters and businesses immediately.She said New Zealand's export beef volumes will increase from 12,000 tonnes to 60,000 tonnes, and those of sheep meat will rise from 149,205 tonnes to over 164,000 tonnes, with free market access after 15 years - putting more money back into the pockets of Kiwi farmers while presenting them the opportunity for further growth.The UK was New Zealand's seventh largest trading partner pre-Covid, with two-way trade worth nearly NZ$6 billion to March 2020, statistics show.Trade Minister Damien O'Connor said pre-Covid estimates also projected that New Zealand goods to Britain will increase up to 40 per cent and that New Zealand GDP will benefit up to NZ$970 million due to the FTA.More than 260 environmentally beneficial products have been prioritised for tariff elimination - the largest environment goods list ever agreed, O'Connor said.The agreement in principle sets out the key elements of the FTA, with the text to be finalised over the coming months, he said.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Narendra Modi

Lok Sabha Election 2024

Heatwave In India

Mumbai Water Cut

Maharashtra Lok Sabha Election

IPL 2024

Damien O'connorFOLLOW

Damien o'connor, Latest News

Politics :New Zealand govt provides more support to flood-hit regions

Wellington, Feb 2 The New Zealand government is unlocking an additional NZ$700,000 ($456,515) in support for regions that ... ...

Politics :New Zealand enhances protection for most-productive land

Wellington, Sep 19 The New Zealand government on Monday released a National Policy Statement for Highly Productive Land, ... ...

Politics :New Zealand secures major FTA deal with EU

Wellington, July 1 New Zealand and the European Union (EU) have concluded negotiations on a major free trade ... ...

Politics :NZ secures historic FTA with UK: PM

Wellington, Oct 21 New Zealand and the UK have agreed in principle the details of a historic Free ... ...